Two days before the June 5 deadline to avoid default on the national debt for the first time in U.S. history, President Joe Biden signed the bipartisan Fiscal Responsibility Act of 2023 (FRA). The National Special Districts Coalition (NSDC), of which CSDA is a founding member, has published a Special Report on the debt limit, highlighting key elements of interest to special districts and the communities they serve.
On the heels of months of political back and forth, President Biden and House Speaker Kevin McCarthy (R-Calif.) agreed to a negotiated deal to suspend the $31.4 trillion debt limit for two years, through January 1, 2025. The House passed the bipartisan legislation May 31 by a vote of 314-117, and the Senate passed the bill late June 1 by a vote of 63-36. President Biden signed the bill into law on Saturday, June 3.
Access NSDC’s Special Report
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